Ita/10/2001 Of The Commissioner Of Income Tax v. M/S Southers Bottlers Pvt.ltd

ITA No. 10-2001 (O&M) 1 IN THE HIGH COURT OF PUNJAB AND HARYANAAT CHANDIGARH 405ITA No. 10-2001 (O&M)Date of Decision : 10.72.202 The Commissioner of Income-Tax, Patiala | ....Appellant /!*%0% M/s Sourthern Bottlers Pvt. Ltd. ...Respondent CORAM : HON'BLE MR.JUSTICE AJAY TEWARI* HON'BLE MR.JUSTICE AVNEESH JHINGAN 888 Present ;Mr. Kunal Sharma, Sr. Standing counselfor the appellant. Mr. Alok Mittal, Advocatefor the respondent. 888 AJAY TEWARI, J. (Oral) inThis appeal has been filed under Section 260A of the IncomeTax Act-1961 against the order of the Income Tax Appellate Tribunal,Chandigarh Bench, Chandigarh passed in ITA No. 528/Chandi/98 and551/Chandi/98 on 19.4.2000 for the assessment year :1994-95 claimingfollowing questions of law :- “Whether on the facts and circumstances of the case, theITAT was right in law in holding that the receipt of Rs. 3crores for surrendering the tenancy rights is a capitalreceipt and hence it is not exigible to tax particularly whensuch receipt is casual in nature and is accordingly liable totax in view of the provisions of Section 10(3) of the Income-tax Act, 1961 7? ?DCounsel for the appellant states that he has not been able to ascertain about the tax effect. Learned counsel for the respondent statesthat tax effect is below that mentioned in theCircular No.3 of 2O18 dated 11.07.2018 issued by the Central Board of Direct Taxes, further amended ITA No. 10-2001 (O&M) vide Circular No.17 ot 2019 dated O8.08.2019 read with LetterNo.F.No.279/Misc/M-93/2018-ITJ dated 20.08.2019 3,In the circumstances, the appeal stands dismissed with libertyto the appellant to revive the same if the tax effect is higher than the limitprescribed in the said circular. 4Since the main case has been decided, the pendingapplication, if any, also stands disposed of. (AJAY TEWARIT) JUDGE 10.2.2020anuradha (AVNEESH JHINGAN)JUDGE %Whether speaking/reasoned%Whether reportable Yes/NoYes/No